Substrate-based decentralized order book, Polkadex is the latest project to join the Polkadot parachain after winning the 16th parachain slot auction, a statement from the Polkadot team confirmed. Polkadex won the slot auction after achieving its milestone on May 6th, raising 973,924 $DOT (approx. $13.8 million) from over 6,000 contributors within its community.
Announced Monday, the win of the parachain slot enables Polkadex to become interoperable with other Polkadot parachain projects all while sharing the security of the Polkadot blockchain. Polkadex becomes the first-ever project in the previous slot auctions to surpass 90% of its target cap of $1 million, setting the highest raise in the third batch of the Polkadot Crowdloan.
”Thanks to the Polkadex parachain we will be able to bridge assets with the Dotsama ecosystem and now users will be able to trade Polkadot ecosystem tokens from across the whole spectrum of parachains,” said Polkadex COO Deepansh Singh. “This is a first for Polkadot and a first for DeFi as a whole.”
Winning the 16th Polkadot parachain slot auction sets Polkadex towards fulfilling its goals to become a leader in decentralized trading, boosting the adoption of Web 3 and decentralized finance (DeFi) on Polkadot. The Polkadex parachain will enable Polkadex Orderbook and Polkadex’s whole slate of products to support Polkadot-native assets from all other parachains, and give the Polkadot ecosystem access to its first cross-chain, non-custodial order book-based exchange with high-frequency trading.
Built on Substrate, Polkadex offers users a fully decentralized, peer-to-peer order book-based crypto exchange to swap, stake, and transfer tokens. The platform is built to offer traders a fast, easy to use, and cheap platform, mimicking centralized exchanges, while maintaining the cutting-edge solutions offered by DEXs. This has seen the Polkadex community grow exponentially, which was crucial to winning the parachain slot auction, Dagmara Handzlik, Head of Marketing at Polkadex believes.
“We’re extremely proud of the way the Polkadex community led the charge during the Crowdloan campaign, especially during the week of the auction. Polkadex is proof of how important a strong community is to the overall success of a project and we could not be more excited to deliver the products we have been building with the eager support of Polkadexers.”
The Crowdloan campaign also welcomed partners to help Polkadex win the parachain slot. Some of the Polkadex DeFi platforms that supported Polkadex include Parallel Finance and Equilibrium. Additionally, centralized exchanges such as Kranken and Kucoin joined to help the community get more opportunities to participate and earn rewards for their contributions.
An incentivized push to win
Apart from the Polkadex community coming together, the win was orchestrated by offering voters and Crowdloan supporters incentives in the native $PDEX token. Polkadex’s crowdloan campaign for batch 3 of the parachain slot auctions offered its community strong incentives. The crowdloan campaign targeted 1 million $DOT tokens and offered a 2 million $PDEX reward program (10% of the circulating supply), meaning contributors got at least 2 $PDEX for every $DOT token they contributed.
The $PDEX token provides utility within the Polkadex exchange, allowing holders to receive discounts on transaction and trading fees, participate in on-chain governance, and take part in the PolkaIDO investment rounds. Furthermore, the $PDEX token can be staked to provide liquidity and enable users to earn additional rewards, nominate validators and collators to earn a share of their rewards, and also stake them in the Thea Protocol to earn additional rewards. Staking $PDEX token on Thea Protocol enables the deposits and withdrawal of funds on the Polkadex platform.
Notwithstanding, Polkadex will also reward the top 1,000 crowdloan contributors with exclusive utility-based NFT that will enable discounted trading fees on the Polkadex Orderbook once it goes live on Polkadex.
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